For Starwood Retail Partners (SRP), reinvigorating already popular properties isn’t just a matter of return on investment — it’s a matter of community engagement. At Stony Point Fashion Park, one of Richmond, Virginia’s top retail destinations, SRP saw opportunity in both its proximity to The University of Richmond and in the closing of nearby competitor, Regency Mall. To attract more daily use consumers, SRP plans to redevelop the space into a more a dynamic, experiential and intimate setting.
The first step in any good makeover is identifying what works and leveraging potential for improvement. And while fashion retailers at Stony Point were consistently high performing when SRP purchased the property in 2014 — including several unique to market retailers like Sak’s Fifth Avenue, Tiffany & Co, BCBG, Vineyard Vines, Anthropologie, and more — other areas of the center remained under programmed.
“Stony Point is certainly a destination for fashion, but there are gaps in the marketplace to complement the existing luxury offerings,” said Michael Platt, Development Director for SRP. “We plan to build out the aesthetics of the space and add more dining and entertainment options, along with several ‘bridge’ retailers. Our goal is to create a more tranquil, inviting environment that ultimately provides consumers more daily uses for the mall beyond just apparel.
SRP’s $50 million redevelopment plans call for a progressive, all season, all ages environment for shoppers to socialize, relax, shop or play. With contemporary additions like airy, landscaped courtyards, fire-pits, multi-use interactive fountains, comfortable social seating, and high-end daily use retailers like chef-inspired restaurants, gourmet grocery, a hair salon and fitness facility, Stony Point will appeal to a wide variety of needs — both for consumers and business owners.
Set to begin construction this summer, the redevelopment of Stony Point is the latest example of Starwood creating living community spaces within elevated retail environments.